BHIM App gets 2 new support schemes as per Budget 2017-2018

Q.  Which is true about the BHIM App?
- Published on 03 Feb 17

a. Cashback scheme has been announced for individuals
b. Referral bonus schemes have been announced for individuals
c. Cashback scheme has been announced for merchants
d. Only b and c

ANSWER: Only b and c
 
The BHIM app, or Bharat Interface for Money, is being used by over 125 lakh people, announced Finance Minister Arun Jaitley in the Union Budget 2017-2018.

The budget announcement also puts a significant boost to the idea of enhancing digital payments in India. This is an area where the NDA government has put particular focus.

The government will launch two new scheme to promote the use of the BHIM app.

One will be referral payments for individuals, and another will cashback for merchants who accept payments from BHIM.

The Finance Minister also announced that a Merchant version of Aadhaar-enabled payments will be launched shortly.

The government has also promised an update to the BHIM app as well in order to boost usage.

BHIM was recently integrated with UID and now allows payments using Aadhaar number.

The Unified Payments Interface (UPI)-based app will get biometric-based Aadhaar Pay option as well, but that feature is yet to be launched. It is expected to launch in the coming weeks.

BHIM also allows payments via UPI using the mobile number or UPI address along with Account and IFSC details.

Currently, the government has 14 banks onboard to enhance payments via Aadhaar Pay, with more to join soon.

How to Use the App
  • To make payments via Aadhaar, a user needs to tap on Send money, then on the three dots at the top of the menu.
  • Options for Aadhaar Pay and Accounts plus IFSC should open up.
  • Tap on Aadhaar as the option, type in the number, then if it is linked to a bank account, they can transfer the required amount.
About the App
  • The digital payments app BHIM from National Payments Corporation of India (NPCI) was announced by PM Modi on December 30 last year.
  • The digital payments app was downloaded more than 5 million times on Android since then.

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